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Best Quality1Z0-1056-24 Exam Questions Oracle Test To Gain Brilliante Result
NEW QUESTION # 17
Which two statements are true about Accounting for Tax on Receivables? (Choose two.)
- A. For Adjustments, if the receivable activity tax rate code source is Invoice, Receivables derive the tax account from auto-accounting.
- B. For Adjustments, if the receivable activity tax rate code source is Invoice, Receivables use the tax account that is defined on the receivable activity.
- C. For Credit memos, if the profile "AR: Use Invoice Accounting for Credit Memos" is set to No, Receivables derive the tax account from auto-accounting.
- D. For Miscellaneous receipts, if the receivable activity tax rate code source is Activity for the activity type of Miscellaneous Cash, Receivables use the tax account that is defined on the receivable activity.
- E. For Credit memos, if the profile "AR: Use Invoice Accounting for Credit Memos" is set to Yes, Receivables derive the item distribution from the invoice and the tax account from auto-accounting.
- F. For Adjustments, if the receivable activity tax rate code source is Invoice, Receivables use the tax account of the tax code.
Answer: B,E
NEW QUESTION # 18
Which two statements are true about processing Receivables adjustments that impact tax amounts?
- A. Receivables can look at the adjustment activity and retrieve the tax rate code.
- B. Receivables can look at invoice and retrieve the tax rate code.
- C. There is no need to retrieve the tax rate code.
- D. Receivables can look at System Options and retrieve the tax rate code.
Answer: B,D
NEW QUESTION # 19
Manage Balance Forward Billing Cycles and Payment Terms
Scenario
You are a consultant for a client who is implementing the Balance Forward Billing feature in Oracle Financials Cloud. You have been asked to define Balance Forward Billing Cycle as well as Balance Forward Billing Payment Terms so that your client can generate consolidated bills.
Task:
Create Balance Forward Billing Cycle, where:
Name of the cycle is XXCycle (Replace XX with 03. which is your allocated user ID.) Bills are generated every day Cycle is effective as Of January 1,2023
Answer:
Explanation:
See the explanation below for solution
Explanation:
Log in to Oracle Financials Cloud.
Click on the Balance Forward Billing icon in the Receivables work area.
Click on the Cycles tab.
Click on the Create button.
In the Balance Forward Billing Cycle window, enter the following information:
Name:XXCycle (Replace XX with your allocated user ID.)
Billing Frequency:Daily
Effective Date:January 1, 2023
Click on the Save button.
The new balance forward billing cycle will be created.
To create a Balance Forward Billing Payment Term:
Click on the Payment Terms tab.
Click on the Create button.
In the Balance Forward Billing Payment Term window, enter the following information:
Name:XXPaymentTerm (Replace XX with your allocated user ID.)
Billing Cycle:XXCycle (The cycle that you created in the previous step.) Due Date:Next Business Day Overdue Days:30 Click on the Save button.
The new balance forward billing payment term will be created.
NEW QUESTION # 20
Which two initial tasks need to be completed in the Customer Account Profile page in order to generate and deliver XML invoices under the OAGIS (Open Applications Group Integration Specification) 10.1 format?
- A. Set Preferred Delivery Method to XML
- B. Set Preferred Contact Method to XML
- C. Select the Enable OAGIS 10.1 XML Format Check Box
- D. Select the Enable XML Invoicing Check Box for Relevant Transaction Classes
- E. Set Preferred Delivery Methods to Email
Answer: B,D
NEW QUESTION # 21
Which three receipts can be automatically applied by a system? (Choose three.)
- A. miscellaneous receipts
- B. receipts created in a spreadsheet and uploaded
- C. receipts created in a lockbox and uploaded
- D. receipts that are unapplied
- E. receipts that are manually created
Answer: A,C,E
NEW QUESTION # 22
In which two ways would you configure Satisfaction Method (SM) and Satisfaction Measurement Model (SMM) in Revenue Management to recognize revenue for performance obligations over time? (Choose two.)
- A. by setting SM to "Allow Partial" and SMM to "Period"
- B. by setting SM to "Requires Complete" and SMM to "Quantity"
- C. by setting SM to "Requires Complete" and SMM to "Percent"
- D. by setting SM to "Requires Complete" and SMM to "Period"
- E. by setting SM to "Allow Partial" and SMM to "Percent"
Answer: A,C
NEW QUESTION # 23
Your customer has three business units. The customer wants to share customer account addresses across these business units.
Which reference data set can be used to achieve this?
- A. Create a new reference data set for account addresses and assign it to the business units.
- B. Assign an enterprise reference data set to the business units, which share the account addresses.
- C. Create a separate reference data set for each business unit and assign it to each unit.
- D. Assign a COMMON reference data set to the business units, which share the account addresses.
Answer: D
NEW QUESTION # 24
Identify the dunning letter template set provided by an application.
- A. Regular, Final Demand, Medium
- B. Regular, Medium, Hard
- C. Final Demand, Soft, Medium
- D. Soft, Regular, Hard
Answer: C
NEW QUESTION # 25
Which three benefits do intercompany reconciliation reports provide to an accountant?
- A. Displaying intercompany receivables and payables balancing lines.
- B. Comparing receivables and payables account balances and identifying discrepancies.
- C. Displaying clearing company balancing lines.
- D. Identifying transaction portions (either receiver or provider side) that have not posted to General Ledger.
Answer: A,B,D
NEW QUESTION # 26
A client has implemented a revenue policy with time-based contingencies. An invoice for a creditworthy customer is imported and one of the invoice lines is associated with both a nonstandard refund policy (60 days) and an acceptance clause (100 days).
When will revenue be recognized?
- A. after 60 days
- B. after 100 days
- C. only after manual intervention
- D. immediately
Answer: B
NEW QUESTION # 27
Your customer has a state tax of 20% and a city tax of 10% as non-inclusive tax rates that are applicable on a transaction line. Your invoice has two lines: Line1 with $600 USD and Line2 with $400 USD.
What will be the resulting tax and invoice amounts for your tax invoice?
- A. state tax of $200 USD for the invoice, city tax of $100 USD, and an invoice total of $1,300 USD.
- B. state tax of $166.67 USD for the invoice, city tax of $16.67 USD, and an invoice total of $1,184.34 USD.
- C. state tax of $166.67 USD for the invoice, city tax of $91.11 USD, and an invoice total of $1,257.78 USD.
- D. state tax of $166.67 USD for the invoice, city tax of $91.11 USD, and an invoice total of $1,000 USD.
- E. state tax of $200 USD for the invoice, city tax of $10 USD, and an invoice total of $1,210 US
Answer: A
NEW QUESTION # 28
The Billing Manager has navigated to the Billing Work Area to review incomplete transactions.
Which link on the Incomplete Infotile will provide detailed information on the most recent incomplete transactions?
- A. 0-10 Days Link
- B. 20+ Days Link
- C. 10+Days Link
- D. 0-5 Days Link
Answer: A
NEW QUESTION # 29
Which method is used to allocate total transaction price across performance obligations in Revenue Management?
- A. Residual Allocation Method
- B. Two Step Allocation Method
- C. Inverted Allocation Method
- D. Alternative Allocation Method
- E. Relative Allocation Method
Answer: B
NEW QUESTION # 30
A Billing Specialist has created and completed an invoice for $100 USD for Customer A .
The Specialist prints the invoice and realizes that the invoice should have been created for Customer B .
The accounting for the transaction for Customer A is posted to the General Ledger.
How can this be corrected?
- A. Create an on-account credit memo for $100 USD for the invoice and enter a new invoice for Customer
- B. Navigate to the credit transaction link in the Billing work area, credit the entire amount, and enter a new invoice for Customer B.
- C. Change the status of the invoice to Incomplete and enter a new invoice for Customer B.
- D. Create an adjustment for the entire amount and create a negative adjustment for Customer B.
Answer: D
NEW QUESTION # 31
Identify the receivables system option that relates to customers.
- A. Default Country
- B. Automatic Site Numbering
- C. Reciprocal Customer
- D. Receipt Method
Answer: A,D
NEW QUESTION # 32
Manage Aging Methods
Scenario
Your organization needs to create their own a-bucket aging method for reporting purposes.
Task
Create a new 4-bucket Aging Method in the Collections application, where:
Name Of the aging method is XXAging Method (Replace XX with 03, which is your allocated User ID.) Aging method is accessible to all business units Aging buckets are 45 days apart Last bucket is 91 days
Answer:
Explanation:
See the explanation below for solution
Explanation:
Log in to Oracle Financials Cloud.
Click on the Aging Methods icon in the Receivables work area.
Click on the Create button.
In the Aging Method window, enter the following information:
Name:XXAging Method (Replace XX with your allocated user ID.)
Description:Custom aging method for reporting purposes.
Aging Buckets:
1:0 to 45 days
2:46 to 90 days
3:91 to 135 days
4:136 to 180 days
Last Bucket:181 days
Available to All Business Units:Yes
Click on the Save button.
The new aging method will be created.
NEW QUESTION # 33
it has been decided that when processing customer payments using lockbox one customer can pay for another customer's transaction.
Which two steps will help achieve this?
- A. Define a business purpose of invoice to each customer address.
- B. Select the Allow payment of unrelated transactions Receivables System Option.
- C. Define a relationship between the two customer accounts.
- D. Define and share a cash pool bank account between the customers.
- E. Define a netting agreement between the two customer accounts.
Answer: B,C
Explanation:
These are the two steps that will help achieve this requirement. The Allow payment of unrelated transactions Receivables System Option enables one customer to pay for another customer's transaction using lockbox. The relationship between the two customer accounts defines how payments are applied across different customers. Verified [How You Process Lockbox Receipts - Oracle]
NEW QUESTION # 34
In Collections, strategies can be executed based on the wait times defined on a strategy task. When the feature is enabled, you can also assign wait times for strategies based on their transaction type. Which condition must be set for the transaction level when defining a new strategy task by transaction type?
- A. Days Early
- B. DaysLate
- C. Not Applicable
- D. Time
Answer: B
Explanation:
This is the condition that must be set for the transaction level when defining a new strategy task by transaction type. DaysLate is the number of days that a transaction is past due. You can use this condition to execute strategies based on how overdue a transaction is. Verified [How You Define Strategy Tasks by Transaction Type - Oracle]
NEW QUESTION # 35
Your organization is looking to adopt a flexible approach to control the creation of claims investigation when the lockbox files contain invalid positive remittance references. This feature helps manage lockbox files that encounter invalid transaction numbers for receipts with customer assignment.
When this option is enabled in the Manage Receivables System Options task, which process must be run in Scheduled Processes to process Lockbox Receipts with invalid transaction referenced?
- A. Process Lockbox Receipts
- B. Process Lockbox Receipts and Remittance Reference
- C. Process Receipts and Remittances through Lockbox
- D. Process Receipts through Lockbox
Answer: A
Explanation:
This process is used to process lockbox receipts with invalid transaction references when you enable the Create Claims Investigation option in Receivables System Options. [How You Process Lockbox Receipts - Oracle]
NEW QUESTION # 36
Which two determinant types are used in reference data assignment? (Choose two.)
- A. Business Unit
- B. Project Segment
- C. Account Segment
- D. Project unit
Answer: A,D
NEW QUESTION # 37
When defining the receipt method for automatic receipt processing, the business requirement is to produce the minimum number of payments.
Which receipt rule should you define?
- A. One per Customer
- B. One per Customer, per due date
- C. One per Site. per due date
- D. One per Invoice
Answer: A
Explanation:
This is the receipt rule that should be defined to produce the minimum number of payments when defining the receipt method for automatic receipt processing. This rule creates one payment per customer regardless of how many invoices or due dates exist for that customer. Verified [How You Define Receipt Methods - Oracle]
NEW QUESTION # 38
When entering the Customer import upload spreadsheet, which two columns, if populated with *NULL will remove the existing values on loading?
- A. Order line Credit Limit
- B. First Review Date
- C. Credit Review Cycle
- D. Credit Limit
Answer: B,C
Explanation:
These are the two columns that, if populated with *NULL, will remove the existing values on loading. They are part of the customer profile class attributes that can be updated using customer import. Verified [How You Manage Customer Data Uploads - Oracle]
NEW QUESTION # 39
Which two statements are true about configuring Collection Strategies?
- A. You need to create Strategy Tasks of the type "Automatic" only.
- B. You need to create Scoring Formulae (or use predefined Scoring Formulas).
- C. You need to define an Aging Method that meets the requirements of your organization.
- D. You need to SGI the (Collections Method to Strategies for the relevant business unit.
Answer: A,B
NEW QUESTION # 40
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